Prince Akinloye Adeoye, President of the Real Estate Development Association of Nigeria (REDAN), led a high-profile delegation to the headquarters of Adron Homes and Properties in Omole Phase 1, Lagos. Accompanied by Dr. Kunle Adeyemi, Vice President of REDAN (South/West), and Mr. Jide Ogunleye, REDAN Secretary, the team met with the Chairman and Group Managing Director of Adron Homes, Aare Adetola Emmanuel King. The visit highlighted REDAN’s commitment to strengthening industry ties and fostering collaborative growth within Nigeria’s real estate sector.
During a recent courtesy visit, Prince Akinloye led his team in commending Adron Homes and Properties for their exceptional commitment to affordable housing. The prince praised the company’s relentless efforts to bridge the gap between the masses and affordable urban development, highlighting their role in transforming the housing landscape for countless families. Prince Akinloye praised Adron Homes for their remarkable work in turning countless tenants into proud homeowners. He highlighted the company’s transparency, dedication, and reliability, which have set a high standard for real estate brokers across Nigeria.
In his passionate address, he emphasized the pivotal role of the real estate sector in boosting Nigeria’s GDP, referencing Q1 2024 statistics from the Nigeria Bureau of Statistics. He underscored the necessity for the government to uphold development standards, improve industry regulations, and eradicate unethical practices to ensure the sector’s sustainable growth
In the first quarter of 2024, Nigeria’s real estate sector reported a robust contribution of N11.2 trillion, accounting for 5.20% of the country’s GDP, according to the Nigeria Bureau of Statistics. Despite this substantial figure and an increase in nominal terms from the previous year, the sector’s real GDP growth lagged behind, rising by only 0.84%. This suggests that while the sector remains a significant economic player, its momentum in real terms has slowed.
He revealed that a staggering 11 trillion is a testament to the immense potential and enduring success of the real estate sector in Nigeria. He urged the government to stay dedicated to advancing development and refining industry regulations to align with global standards. Additionally, he called for stronger measures to eliminate unprofessional practices, ensuring the sector’s growth remains robust and reputable.
“The construction sector contributed 4.0% to the GDP, with a nominal growth of 10.24%, though it experienced a real growth rate decline of -2.14% year-on-year. Experts attribute this growth to increased government policies and investments, growing population demands for shelter, and significant contributions from the Nigerian diaspora.”
Aare Adetola Emmanuel King, the host, praised the REDAN President and his team for their attentive and proactive approach to regulating the industry. He commended their ongoing efforts to uphold ethical standards and ensure the industry remains well-regulated.
Adron Homes reaffirmed its unwavering commitment to collaborating with REDAN’s leadership, vowing to set a benchmark in the real estate sector for integrity and sincerity. The company pledged to remain a shining example for others in the industry, consistently upholding principles of honesty and dedication.
He revealed that the visit will rejuvenate Adron’s dedication to advancing residential development and strengthen its ongoing collaboration with the government. This partnership aims to make affordable housing more accessible to everyone, reinforcing their shared commitment to improving living conditions for all.
Similarly, Aare Adetola has called on the leadership of REDAN to introduce policies that will elevate the real estate industry and attract significant foreign investment. He emphasizes the need for enhanced government support to lower the costs of building materials and other essential household items. The high expense of these materials has become a major obstacle, leading to the closure of many real estate companies and forcing others to compromise on quality. By addressing these issues, Adetola believes that the industry can thrive and attract more funding and investment.
“When materials are quite affordable, real estate will thrive. There would be buyers and off-takers. But with the current prices of cement, wood, nails, paints etc the prices of real estate are soaring high to the roof Government intervention and reducing tariffs on the importation of building materials will help cushion the effect and also put many back in business. Adron Homes and Properties is committed and we are here for collaboration for national development.”
